The commission is authorized to accept, receive, and receipt for federal monies and other monies, either public or private, for and in behalf of this state, or any municipality thereof, when authorized by the municipality to do so, for the acquisition, construction, improvement, maintenance, and operation of airports and other air navigation facilities, whether such work is to be done by the state or by such municipalities or any other political subdivision of the State of Mississippi aided by grants of aid for the United States, upon such terms and conditions as are or may be prescribed by the laws of the United States and any rules or regulations made thereunder. The commission is authorized to act as agent of any municipality or other person or persons in accepting, receiving, and receipting for such monies in its behalf for airports or other air navigation facility purposes, and in contracting for the acquisition, construction, improvement, maintenance, or operation of airports or other air navigation facilities, financed either in whole or in part by federal monies. The governing body of any such municipality or other person or persons is authorized to designate the commission as its agent for such purposes and to enter into an agreement with it prescribing the terms and conditions of such agency in accordance with federal laws, rules and regulations and with this chapter. Such monies as are paid over by the United States government shall be retained by the state or paid over to said municipalities or other person or persons under such terms and conditions as may be imposed by the United States government in making such grants.